证券代码：603998 证券简称：方盛制药 编号：2024-041 湖南方盛制药股份有限公司 投资者关系活动记录表 | --- | --- | |----------------|------------------------------------------------------------| | | | | | R 特定对象调研 £ 分析师会议 | | | £ 媒体采访 £业绩说明会 | | 投资者关系活动 | £ 新闻发布会 £路演活动 | | 类别 | R 现场参观 £电话会议 | | | £ 其他（电话交流会） | | 参与单位名称 | 华泰证券 2 人； 富国基金 2 人。 | | 时间 | 2024 年 12 月 10 日 | | 上市公司 | | | 接待人员姓名 | 董事会秘书何仕 | | 地点 | 公司会议室 | | 投资者关系活动 | 主要交流问题（风险提示：公司的经营计划目标及产品销售规划 | | 主要内容介绍 | 能否实现取决于市场状况、经营环境、行业政策等多种因素，存在 | | | 较大不确定性，部分前瞻预计不代表公司对年度的盈利预测及对 | | | 投资者的业绩承诺，请投资 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [3][6][11]. Core Insights - The company, Fangsheng Pharmaceutical, focuses on innovative traditional Chinese medicine and aims to develop a diverse product matrix targeting various therapeutic areas, including cardiovascular, orthopedic, respiratory, and pediatric medicine [3][5][47]. - The company has implemented a "338 Major Product Development Plan" to create three products with over 1 billion yuan in sales, three products with over 500 million yuan, and eight products exceeding 100 million yuan within the next 5-10 years [4][47]. - The company has shown strong revenue growth in recent quarters, with a projected revenue increase of 11.6% in 2024, 14.0% in 2025, and 16.3% in 2026 [6][11]. Summary by Sections 1. Innovative Empowerment and Diverse Development - Fangsheng Pharmaceutical is a large health industry group established in 2002, focusing on innovative traditional Chinese medicine [3][37]. - The company has built a robust product portfolio through self-development and mergers, concentrating on core pharmaceutical operations while divesting non-pharmaceutical businesses [3][37]. 2. Growth Trajectory - The company has initiated the "338 Major Product Development Plan" to enhance its growth trajectory, emphasizing new drug research and development capabilities [4][69]. - The company aims to strengthen its market presence through academic promotion and terminal coverage, creating a secondary growth curve after achieving stable market share in hospitals [69]. 3. Financial Forecast and Valuation - The company forecasts revenues of 18.18 billion yuan in 2024, 20.72 billion yuan in 2025, and 24.09 billion yuan in 2026, with corresponding net profits of 2.62 billion yuan, 3.13 billion yuan, and 3.66 billion yuan [6][11]. - The report estimates a reasonable market value of 60 billion yuan based on a 23x PE ratio for 2024, indicating a 22% upside potential from the current market capitalization of 49 billion yuan [6][11]. 4. Product Matrix and Market Focus - The company has a rich product matrix focusing on cardiovascular, orthopedic, respiratory, pediatric, gynecological, and anti-infection medications [5][47]. - Key products include the pediatric cough granules, orthopedic health products, and cardiovascular medications, which are expected to drive significant revenue growth [5][56]. 5. Research and Development - The company has increased its R&D investment, with R&D expenses reaching 1.03 billion yuan in the first three quarters of 2024, accounting for 7.67% of revenue [64]. - The company is actively developing 13 innovative traditional Chinese medicine projects across various therapeutic areas, enhancing its product pipeline [64][65].

湖南方盛制药股份有限公司 HUNANFANGSHENG PHARMACEUTICAL CO., LTD. 证券代码：603998 证券简称：方盛制药 公告编号：2024-092 湖南方盛制药股份有限公司 关于控股股东部分股份解除质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: ●湖南方盛制药股份有限公司（以下简称"公司"）控股股东暨实际控制人张庆华 先生办理完成了244万股（占公司总股本的0.56%）公司股份解除质押手续； ●截至本公告披露日，张庆华先生直接持有公司的股份总数为156,019,500股，占 公司股份总数（439,124,060股）的35.53%；张庆华先生质押的公司股份总数为 79,115,200股，占其直接持有公司股份总数的50.71%，占公司股份总数的18.02%；张 庆华先生控股的湖南开舜投资咨询有限公司之控股子公司泰州共生创业投资管理有限 公司（以下简称"共生投资"）持有公司股份数为9,131,807股，共生投资质押的公司 股份总数为0股；综上，张庆华先生及其一致行动人共生投资 ...

然后我是重庆医疗组的分析师李文韬接下来我会带来一个关于方胸疾的通讯报告的写文因为方胸疾药也是在中药行给大家买的一个创新中药公司然后几个比较重要的品种也在今年的预保续约当中成功的续约 也非常符合在当下整个政策支持中药的大败下我们公司的方胜之药公司自身也接触了几个大占比的一个方向不断地取得运行一个快速的增长接下来我大概用半个小时的时间对我们在前不久刚外发的关于方胜之药的一个深度报告的解读 那么提前关系呢我们后面不再设置这个问答的环节各位投资人呢如果有其他详细需要进行这个交流的可以在线下直接和我们医药组和我直接进行这个联系那么刚才提到方胜之药现在是专注于这个创新中药的一个核心主业 从产品的纬度来看呢是围绕着心脑血管骨科儿科呢这些细分领域都构建了自己极具市场竞争力的这些产品那么在这里面比较重要的如公司的1.1类中药新药玄剂健骨片在上市之后呢也成功纳入到了23年的这个预保目录上市之后呢包养非常显著 以及公司的其他的小儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿幼儿 ...

湖南方盛制药股份有限公司 HUNANFANGSHENG PHARMACEUTICAL CO., LTD. 证券代码：603998 证券简称：方盛制药 公告编号：2024-091 湖南方盛制药股份有限公司 关于公司产品续约国家医保目录（2024年）的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 2024年11月28日，国家医保局、人力资源社会保障部发布了 《关于印发〈国家基本医疗保险、工伤保险和生育保险药品目录 （2024年）〉的通知》【医保发〔2024〕33号】（以下简称"《2024 版医保目录》"），根据该通知，湖南方盛制药股份有限公司（以 下简称"公司"）小儿荆杏止咳颗粒、玄七健骨片在协议期内谈 判续约纳入《2024版医保目录》，公司及控股子公司其他主要产 品本次无退出及增加至《2024版医保目录》的情况，现将小儿荆 杏止咳颗粒、玄七健骨片具体情况公告如下： 小儿荆杏止咳颗粒2023年实现销售收入近6,000万元，2024 年1-9月实现销售收入约6,000万元（约占公司当期营业收入的 4.45%）。截至2024年 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown impressive performance in Q3 2024, with a revenue of 1.348 billion yuan, a year-on-year increase of 11%, and a net profit of 230 million yuan, up 60.7% year-on-year [1] - The core products are performing well, with significant sales growth across various categories, including a 14% increase in sales of the classic orthopedic drug, and over 340% growth in the innovative traditional Chinese medicine [1] - The company is advancing its innovation and R&D efforts, with multiple projects in the pipeline, which are expected to contribute to long-term growth [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 1.348 billion yuan, with a net profit of 230 million yuan, and a non-recurring net profit of 163 million yuan [1] - In Q3 2024, the revenue reached 438 million yuan, reflecting a year-on-year growth of 21.7%, while the net profit surged by 158.7% to 91 million yuan [1] - The company forecasts net profits of 284 million yuan, 315 million yuan, and 365 million yuan for 2024, 2025, and 2026 respectively, with growth rates of 51.9%, 11.1%, and 15.9% [1][5] Product Performance Summary - The classic orthopedic drug, Tenghuang Jianguo Pian, saw a sales volume increase of approximately 14%, covering nearly 8,400 public medical institutions [1] - The pediatric cough granules, Xiaor Jingxing Zhi Ke Granules, achieved sales revenue of about 60 million yuan, a growth of over 130%, covering more than 1,500 public medical institutions [1] - The innovative traditional Chinese medicine, Xuanqi Jianguo Pian, reported sales revenue of approximately 86 million yuan, with a growth of over 340%, covering over 1,000 public medical institutions [1] R&D and Innovation Summary - The company has submitted a listing application for the Yao Xue Qu Feng Zhi Tong Granules, which is expected to address clinical needs for headache and dizziness [1] - The company is actively developing 13 innovative traditional Chinese medicine projects across various medical fields, including gynecology, orthopedics, and oncology [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported Q3 2024 results that exceeded expectations, with a revenue of 1.348 billion yuan, a year-on-year increase of 10.95%, and a net profit attributable to shareholders of 228 million yuan, a year-on-year increase of 60.66% [1][2] - The sales of innovative traditional Chinese medicine products showed significant growth, with key products like Xuanqi Jianguo Pian achieving revenue of approximately 86 million yuan, a year-on-year increase of over 340% [2] - The company is focusing on optimizing operational efficiency, leading to an increase in gross margin to 73.26%, up 4.27 percentage points year-on-year [3] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 1.348 billion yuan, with a net profit of 228 million yuan, and a non-recurring net profit of 163 million yuan [1] - In Q3 2024 alone, the revenue was 438 million yuan, a year-on-year increase of 21.69%, with a net profit of 91.29 million yuan, a year-on-year increase of 158.74% [1][2] Product Performance - The innovative traditional Chinese medicine segment is performing well, with products like Xuanqi Jianguo Pian and Xiaoer Jingxing Zhike Keli showing substantial revenue growth [2] - The company has expanded its market coverage significantly, with over 1,000 public medical institutions for Xuanqi Jianguo Pian and over 1,500 for Xiaoer Jingxing Zhike Keli [2] Research and Development - The company has increased its R&D investment, with R&D expenses reaching 103 million yuan in the first three quarters of 2024, a year-on-year increase of 81% [3] - Several innovative traditional Chinese medicine products are in late-stage clinical trials, with potential approvals expected in the next 2-3 years [3] Profit Forecast and Valuation - The company is projected to achieve net profits of 273 million yuan, 321 million yuan, and 393 million yuan for 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 46%, 18%, and 22% [4] - The current stock price corresponds to a price-to-earnings ratio (PE) of 20X for 2024, 17X for 2025, and 14X for 2026 [4]

证券代码：603998 证券简称：方盛制药 编号：2024-040 湖南方盛制药股份有限公司 投资者关系活动记录表 | --- | --- | |----------------|------------------------------------------------------------| | | R 特定对象调研 £ 分析师会议 | | | £ 媒体采访 £业绩说明会 | | 投资者关系活动 | £ 新闻发布会 £路演活动 | | 类别 | R 现场参观 £电话会议 | | | £ 其他（电话交流会） | | 参与单位名称 | 南方基金、安信基金、申万宏源等 4 人 | | 时间 | 2024 年 11 月 6 日 | | 上市公司 | | | 接待人员姓名 | 董事会秘书何仕 | | 地点 | 公司会议室 | | 投资者关系活动 | 主要交流问题： | | 主要内容介绍 | 1 、公司 2024 年前三季度业绩优异的主要原因是什么？ | | | 近年来，公司聚焦主业，着力打造以中药创新药为核心的多 | | | 产品矩阵以保持业绩的稳健持续增长，前三季度产品结构持续优 | | | 化，净利润率持 ...

Investment Rating - The report maintains a "Buy" rating for Fang Sheng Pharmaceutical (603998 SH) [1][3] Core Views - Fang Sheng Pharmaceutical's Q3 2024 non-GAAP net profit grew by over 50% YoY, significantly exceeding expectations [1] - The company's core products, particularly in cardiovascular and orthopedic segments, showed strong performance [1] - Self-developed innovative drugs like Xiaoer Jingxing Zhike Granules and Xuanqi Jiangu Tablets are driving growth with rapid market expansion [1] - The company is increasing R&D investment, with Q3 2024 R&D expenses up 106% YoY, indicating strong long-term potential [1] Financial Performance Revenue and Profit - Q1-Q3 2024 revenue reached 1 35 billion yuan, up 11% YoY, with net profit attributable to parent company of 230 million yuan, up 61% YoY [1] - Q3 2024 revenue was 440 million yuan, up 22% YoY, with net profit attributable to parent company of 90 million yuan, up 159% YoY [1] Segment Performance - Industrial segment revenue reached 1 24 billion yuan in Q1-Q3 2024, up 14% YoY [1] - Cardiovascular business revenue: 380 million yuan, up 41% YoY, driven by strong sales of Ezetimibe [1] - Orthopedic business revenue: 300 million yuan, up 11% YoY, supported by stable growth of Xuanqi Jiangu Tablets [1] - Respiratory system revenue: 180 million yuan, up 17% YoY, due to increased sales of Qiangli Pipa [1] - Pediatric drugs revenue: 140 million yuan, down 1% YoY [1] - Anti-infective revenue: 60 million yuan, down 10% YoY [1] Product Performance - Xiaoer Jingxing Zhike Granules covered over 1 500 public medical institutions by Q3 2024, with sales reaching 60 million yuan, up over 130% YoY [1] - Xuanqi Jiangu Tablets covered over 1 300 public medical institutions, with sales reaching 86 million yuan, up over 340% YoY [1] - Teng Huang Jiangu Tablets saw sales volume increase by about 14% YoY, covering nearly 8 400 public medical institutions [1] - Ezetimibe Tablets achieved sales of 233 million yuan in the first three quarters of 2024, up over 100% YoY, covering nearly 4 500 public medical institutions [1] Financial Forecasts - Revenue forecasts for 2024 2025 2026 are 1 829 billion yuan, 2 115 billion yuan, and 2 439 billion yuan, with growth rates of 12%, 16%, and 15% respectively [1] - Net profit forecasts for 2024 2025 2026 are adjusted to 277 million yuan, 302 million yuan, and 362 million yuan, with growth rates of 48%, 9%, and 20% respectively [1] Valuation Metrics - 2024E P E ratio: 19 6x [2] - 2024E P B ratio: 3 3x [2] - 2024E EPS: 0 63 yuan [2] Key Financial Ratios - 2023A gross margin: 68 1% [6] - 2023A net margin: 11 0% [6] - 2023A ROE: 11 8% [6] - 2023A ROIC: 12 8% [6] Balance Sheet Highlights - 2024E total assets: 3 293 billion yuan [5] - 2024E total liabilities: 1 525 billion yuan [5] - 2024E equity attributable to parent company: 1 648 billion yuan [5] Cash Flow Analysis - 2024E operating cash flow: 328 million yuan [5] - 2024E capital expenditure: -234 million yuan [5] - 2024E financing cash flow: -109 million yuan [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [3][8]. Core Insights - The company reported a revenue of 1.348 billion yuan for Q3 2024, representing a year-on-year growth of 10.95%. The net profit attributable to shareholders reached 228 million yuan, up 60.66% year-on-year, while the non-recurring net profit was 163 million yuan, reflecting a 33.87% increase [2][4]. - The company is focusing on its core business of innovative traditional Chinese medicine, with significant growth in key products, particularly in chronic disease medications [3][4]. - The company has seen robust growth in its core products, with the sales of its new products, such as the children's cough granules and bone health tablets, achieving rapid market penetration [2][3]. Financial Performance Summary - For the first three quarters of 2024, the pharmaceutical manufacturing revenue grew by 14.31%, driven by strong performance in core products. However, revenue from medical services and other segments declined by 27.59% due to the exclusion of certain subsidiaries from consolidation [3][4]. - The company’s revenue forecast for 2024-2026 is projected at 1.899 billion, 2.216 billion, and 2.564 billion yuan, with year-on-year growth rates of 16.6%, 16.7%, and 15.7% respectively. The net profit attributable to shareholders is expected to be 285 million, 322 million, and 400 million yuan, with growth rates of 53%, 13%, and 24% [5][6]. Product Performance - The cardiovascular segment reported revenue of 381 million yuan, a growth of 41.28%, with a gross margin increase to 81.57%. Other segments, such as musculoskeletal and respiratory medications, also showed positive growth, while some areas like pediatric and gynecological medications experienced declines [4][6]. - The new products have achieved significant sales milestones, with the children's cough granules generating approximately 60 million yuan in sales, a year-on-year increase of over 130%, and the bone health tablets achieving around 86 million yuan, up over 340% [2][3]. Valuation Metrics - The report provides a P/E ratio forecast of 18.6 for 2024, decreasing to 13.2 by 2026, indicating an expected improvement in valuation as the company scales its operations [3][5]. - The projected return on equity (ROE) is expected to rise from 12% in 2023 to 17.4% by 2026, reflecting improved profitability and efficiency [6].